Asia Pacific Solvents Market: Introduction
The Asia Pacific solvents market is estimated to reach value of ~US$ 13 Bn by 2027, expanding at a CAGR of ~4% during the forecast period. In terms of volume, the market in the region is estimated to reach 6,652.07 kilo tons by 2027, expanding at a CAGR of ~4% between 2019 and 2027. Among types, the oxygenated solvents segment held a major share of the market in the region in 2018. The trend is expected to continue throughout the forecast period. This is primarily attributable to high demand for oxygenated solvents from paints & coatings, personal care, industrial cleaners, healthcare, and automotive industries in the region. Among applications, the paints & coatings segment held a leading share of the Asia Pacific solvents market in 2018. Moreover, the segment is expected to create an incremental opportunity of US$ 1,683.26 Mn during the forecast period. This can be attributed to high demand for paints and coatings in the region, due to expanding construction industry and ongoing infrastructure development in the region, especially in developing economies such as China and India. This is boosting the demand for paints and coatings and, in turn, driving the demand for solvents in the region.
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Key Drivers of Asia Pacific Solvents Market
Increasing demand for paints, coatings, and printing inks is expected to drive the solvents market in Asia Pacific during the forecast period. Around 50% of the total solvents produced are used in the manufacture of paints, coatings, and printing inks in Asia Pacific. Solvents dissolve or disperse different components such as binders, additives, pigments, and extenders used in the formulation of paints and coatings. They also help in speeding up the curing and drying process, due to which the demand for solvents is increasing. Moreover, the paints & coatings industry in Asia Pacific is expected to expand at a significant rate in the near future, owing to rapid industrialization and urbanization in the region, especially in developing countries such as China and India. Demand for industrial paints is also increasing due to ongoing industrialization in Asia Pacific. Thus, these factors are projected to drive the demand for paints and coatings in the region from 2019 to 2027. This would result in increase in the demand for quick-drying paints in the region, which is expected to boost the solvents market in Asia Pacific during the forecast period.
Increasing demand for adhesives and sealants in the industrial sector is expected to drive the market in the region during the forecast period. Adhesives and sealants is another key end-user of solvents in the Asia Pacific region. Solvents are used in adhesives and sealants to improve their efficiency at low temperatures, thereby maintaining an evaporation rate for better performance. Aromatic solvents are largely used in the adhesives industry, due to their high evaporation rates, which causes rise in the viscosity of adhesive films. Moreover, wetting of surface is a crucial property of an adhesive, which is achieved by dispersing or dissolving the polymer in a suitable solvent. Rising industrialization in the region, especially in developing countries such as China and India, is expected to drive the demand for adhesives and sealants in Asia Pacific during the forecast period. Thus, increasing demand for adhesives and sealants is likely to drive the solvents market in Asia Pacific during the forecast period.
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China to be a Highly Lucrative Country of Asia Pacific Solvents Market
China dominated the solvents market in Asia Pacific in 2018. The country is anticipated to continue its dominance in the near future. This can be ascribed to increase in the consumption of paints and coatings along with the rising demand for adhesives and sealants from industries such as construction and packaging in the region. The India and ASEAN markets are likely to be moderately attractive during the forecast period, while Rest of Asia Pacific and Japan are likely to be less attractive markets during the forecast period.
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Major Developments in Asia Pacific Solvents Market
In 2019, Indian Oil Corporation Ltd announced its plans to invest US$ 27.8 Bn in the next five to seven years to expand its refining, marketing, petrochemical, and natural gas business divisions. In 2018, Yip’s Chemical Holdings Limited announced to have completed the acquisition of the coatings businesses of DGL Camel (Hong Kong) Limited. Also, in 2018, Cabot Microelectronics Corporation announced that the company had entered into a definitive agreement to acquire KMG Chemicals, Inc. In 2017, Indian Oil Corporation Ltd announced its plans to invest US$ 4.4 Bn to ramp up its petrochemical production by 2021.
Competition Landscape of Asia Pacific Solvents Market
The Asia Pacific solvents market is highly competitive. Various international and locally organized players operate in the market. Scale of operations, quality expertise, and product differentiation are also high. Key players operating in the Asia Pacific solvents market are Anjanee Chemical India, Asia Pacific Petrochemical Co., Ltd, Yip’s Chemical Holdings Limited, Royal Dutch Shell plc, Exxon Mobil Corporation, Hindustan Petroleum Corporation Limited, KMG Singapore Pte. Ltd, BASF SE, AGC Chemicals, Idemitsu Kosan Co., Ltd., Occidental Petroleum Corporation, Jun Yuan Petroleum Group, Asia Petrochemicals LLC, and Eastman Chemical Company.
